Exhibit 11.1
PartnerRe Ltd.
Computation of Net Income per Common and Common Equivalent Share
For the Nine Months and Three Months Ended September 30, 2004 and 2003
(in thousands of U.S. dollars, except per-share amounts)
For the Nine Months Ended September 30, 2004 | For the Nine Months Ended September 30, 2003 | |||||||||||||||
Income (Numerator) | Shares (Denominator) | Per-Share Amount | Income (Numerator) | Shares (Denominator) | Per-Share Amount | |||||||||||
Net income | $ | 348,684 | $ | 363,150 | ||||||||||||
Less: preferred dividends | 14,681 | 24,421 | ||||||||||||||
Net income available to common shareholders/Weighted average number of common shares outstanding/ Basic net income per share | $ | 334,003 | 53,633.0 | $ | 6.23 | $ | 338,729 | 53,091.6 | $ | 6.38 | ||||||
Effect of dilutive securities: | ||||||||||||||||
Class B warrants | — | 299.5 | ||||||||||||||
Stock options | 515.8 | 409.8 | ||||||||||||||
Net income available to common shareholders/Weighted average number of common and common equivalent shares outstanding/Diluted net income per share | $ | 334,003 | 54,148.8 | $ | 6.17 | $ | 338,729 | 53,800.9 | $ | 6.30 | ||||||
For the Three Months Ended September 30, 2004 | For the Three Months Ended September 30, 2003 | |||||||||||||||
Income (Numerator) | Shares (Denominator) | Per-Share Amount | Income (Numerator) | Shares (Denominator) | Per-Share Amount | |||||||||||
Net income | $ | 83,205 | $ | 116,865 | ||||||||||||
Less: preferred dividends | 4,894 | 4,854 | ||||||||||||||
Net income available to common shareholders/Weighted average number of common shares outstanding/ Basic net income per share | $ | 78,311 | 53,311.2 | $ | 1.47 | $ | 112,011 | 53,636.4 | $ | 2.09 | ||||||
Effect of dilutive securities: | ||||||||||||||||
Stock options | 410.5 | 315.6 | ||||||||||||||
Net income available to common shareholders/Weighted average number of common and common equivalent shares outstanding/Diluted net income per share | $ | 78,311 | 53,721.7 | $ | 1.46 | $ | 112,011 | 53,952.0 | $ | 2.08 |